This originally aired on the Catholic Faith Network’s show CFN Live: https://youtu.be/WW9rL3xNUl8 Our pets are part of our family, and we need to consider them when implementing one’s estate plan. What are the options when my pet passes away? Although…
Everyone has heard the terms "will" and "trust," but not everyone knows the differences between the two. Both are useful estate planning devices that serve different purposes, and both can used together to create a complete and comprehensive estate plan.…
It's that time of year again! The week of October 16th marks National Estate Planning Awareness Week, a great opportunity to remind yourself and your loved ones about the importance of planning ahead for their future and being informed about…
Many times, when a parent passes away, family members argue over their favorite items. Conflict can take place over things like a coffee mug, a piece of jewelry, or a painting. These types of arguments can be eliminated by filling…
In any comprehensive estate plan, a letter of instruction (LOI) is an important component. An LOI can help your loved ones manage important information about you. It conveys your desires, includes practical information about where to find various items referenced…
Question: I created an Irrevocable Medicaid Asset Protection Trust. Do I need to file a tax return for the trust? Answer: Let’s start by defining the trust. Appropriately named, a Medicaid Asset Protection Trust (“MAPT”) is created to shield assets from Medicaid…
A trust identification number identifies a trust, like any other legal entity, for tax purposes. You need a trust identification number in order to put assets into your estate planning trust. The number will always be either: The grantor’s Social…
Watch Vincent J. Russo Legal Correspondent on Catholic Faith Network’s CFN Live! Vincent appeared on CFN Live on March 30th to discuss "Protecting Your Child with Special Needs (the Supplemental Needs Trust)" In this four-part series on Trusts, Vincent…
Watch Vincent J. Russo Legal Correspondent on Catholic Faith Network’s CFN Live! Vincent appeared on CFN Live on March 16th to discuss "First Party Special Needs Trust and Medicaid" Colleen: Vincent, welcome back on your four part series on…
If you have assets such as bank accounts, brokerage accounts, or real property, you have an estate and therefore you need to have a plan! Your estate is what you have today and what you leave behind after you pass…